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，企业获取的客户质量更高，和客户的绑定关系更深，也更加需要提升海外本土化经营能力，这些相比出海1.0阶段，都更加具有挑战性和壁垒。我们认为能在出海2.0阶段做好的优质零部件企业面临的成长空间是被市场大幅低估的。","lastUpdated":"2026-03-09T14:00:10.320Z","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379903","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4fc","date":"2025-06-29T16:00:00.000Z","stockId":3000000017721,"sao":"上半年，上证指数上涨2.76%，其中申万汽车指数上涨8.91%，表现靠前。这主要和上半年的销量表现持续超预期、自动驾驶技术的发展和逐步落地、人形机器人转型等因素相关。期间，特朗普的关税战曾引起汽车板块，尤其是其中出海暴露度较高的公司的较大回撤，但随着谈判的逐渐展开，市场发现对于汽车板块里那些具备在全球建设产能、输出管理能力的优秀公司而言，反而在当前的全球关税混战的背景下更显竞争力。上半年另一起对汽车板块影响重大的事件是“反内卷”。我们认为，“反内卷”的内核是反不正当竞争，目的是希望价格回升。因此“反内卷”对汽车行业是一件好事，很可能是汽车行业走向高质量发展的拐点。上半年，本基金继续专注于投资汽车行业。我们看好的方向包括：以优质供给在中高端市场放量并且取得良好利润的车企、整车智能化配置的零部件、具有全球出海能力的优质主机厂和零部件龙头、人形机器人转型中能卡位核心价值量并具有高客户粘性的环节和公司。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.317Z","mo":"展望下半年，我们认为“反内卷”将是市场的主线，也是投资汽车板块尤其需要关注的。“反内卷”意味着发展模式的大切换，我们将从过去追求规模和量，转向追求更高盈利的高质量发展。一些过去追逐量和收入规模的投资范式，可能会受到挑战，而应转为更加注重业务本身的内生增长、盈利质量、回报率。虽然道阻且长，这些转变较难一蹴而就，但我们认为这是走在正确的发展道路上，对股票市场的中长期回报是非常好的事情。我们会在投资中将“反内卷”的内核结合到我们选行业和选股的过程中。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1347230","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4fb","date":"2025-03-30T16:00:00.000Z","stockId":3000000017721,"sao":"一季度，汽车板块整体表现亮眼，相比市场有明显超额收益。这背后有许多原因，包括销量在开年后逐步向好、AI技术和智能驾驶技术的进步，以及企业转型进入人形机器人领域。相对应于这三个因素，在本季度，我们的主要操作包括：1）继续紧抓基本面的变化，选择聚焦那些产品竞争力在加强的汽车公司。2）在智能驾驶领域加深研究和投资，包括整车和相关硬件。3）在人形机器人领域，当前市场主要是以一种主题投资的方法在轮动各种逻辑和个股，涉及的面非常广；我们也认可这是一个未来是星辰大海的行业，但当前市场对于未来诸多不确定性都给予了非常乐观和顺利的假设，因此我们认为去伪存真的过程还是会发生，所以在投资上还是要聚焦于那些真正位于客户核心供应链位置的公司。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.314Z","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271642","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4fa","date":"2024-12-30T16:00:00.000Z","stockId":3000000017721,"sao":"2024年，汽车行业的基本面和股价表现，都超过大部分人的预期。在行业整体上，汽车行业的销量在上半年展现出逆于经济数据的韧性，在下半年展现出在以旧换新刺激政策下的爆发力。在行业内部，几条投资线索也都得到逐步的验证和加强，包括汽车行业的出海竞争力、自主品牌/新势力的崛起、汽车智能化随着AI技术发展而快速演进、高端化带来的利润释放。投资操作上，本基金全年主要围绕对这几条投资线索的研究和跟踪而展开，我们将仓位聚焦到强势崛起的自主品牌/新势力、和具备全球出海竞争力的公司、在智能驾驶上有持续投入的公司，以及高端化表现好的公司上。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.311Z","mo":"展望2025年，我们对汽车行业的投资仍然非常看好。因为：1）估值不高。尽管过去两年，汽车行业的基本面表现以及汽车股的表现整体上持续超预期，但市场由于一些对汽车行业的刻板印象（比如总是认为“价格战”仍然是主旋律，关税仍然是悬在行业头上的达摩克利斯之剑，等等），并没有把估值提得太高，因此我们当下仍然能够找到很多估值和成长性匹配度非常不错的公司。2）我们认为汽车行业的利润释放会持续超预期。当下汽车行业来到一个范式变局的节点上，因此企业的种种行为是过去投资者没有见过的——合资品牌面临产能利用率的持续走低，在主动退出竞争，而自主品牌/新势力的产能利用率到达历史上从未到过的高度，高端化突破如雨后春笋，因此在整体上，自主品牌也降低过往非常高的打“价格战”的冲动，而去寻求更好的利润释放。这样的范式变化所带来的投资机会是令人兴奋的，我们将努力跟踪好并做好这一阶段的投资，将真正的价值回报体现在产品净值上。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251565","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f9","date":"2024-09-29T16:00:00.000Z","stockId":3000000017721,"sao":"三季度，市场在9月24日前后呈现完全不同的走势。在9月24日之前，市场仍然因为信心和预期不足的原因而持续走低，但随着9月24日、26日连续两次会议公报后，市场信心大幅回升，市场呈现出急速上涨。三季度，汽车行业自身的基本面表现较好，国内零售销量持续超预期，终端价格企稳回升，因此在前面的行情里体现出较强的防御性，但在9月24日之后，进攻性不足，市场在短期更倾向于对那些前期跌幅较大的板块做估值修复。报告期内，本基金继续努力寻找汽车行业里的结构性机会，包括自主品牌、新势力里的智能化电动化转型升级的龙头企业、出口强势的客车和摩托车、具备全球经营能力的零部件龙头企业。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.308Z","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175740","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f8","date":"2024-06-29T16:00:00.000Z","stockId":3000000017721,"sao":"上半年，申万汽车指数下跌3.28%，但指数成份股的中位数下跌22%。上涨的个股主要集中在商用车板块、出海个股、低空经济，而板块里数量占比最多的零部件个股由于普遍属于小盘股特征，下跌幅度较大。造成这一结果的主要原因是，一方面，市场对乘用车行业的竞争始终比较担忧，上半年的内销销量也持续处在低个位数的负增长中；另一方面，是市场风格和风险偏好的原因。上半年，本基金逐步调整持仓，一方面，我们增加了对于出海个股、优势产品周期的乘用车及其产业链个股的持仓。对于出海企业，我们认为能在海外取得产能、产品、渠道上的成功， 都意味着对企业的一次次筛选，那些能摆脱国内“比较卷”的竞争环境在海外立足的企业，普遍来说更大概率会有更高的发展空间。对于优势产品周期的乘用车企业，我们看到很多信号在指向市场激烈竞争的态势在收敛，未来胜者的马太效应会更加明显。另一方面，我们对中小市值的零部件个股以更加谨慎的盈利预测和更加严格的股东回报要求去筛选。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.305Z","mo":"展望下半年，我们看好汽车行业走势。汽车行业的韧性在上半年已经得以体现，下半年随着大部分车企更加看淡市占率，更加重视利润导向，市场对汽车行业的悲观预期有望得到反转。在投资策略上，本基金会加大对那些在行业和估值下行期里，自身基本面表现有韧性、自身业务成长稳健向好，但只是因为风格因素而被市场忽视的企业的研究，我们相信这些企业里蕴藏着下一阶段的牛股。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f7","date":"2024-03-30T16:00:00.000Z","stockId":3000000017721,"sao":"一季度，汽车行业一方面呈现出比较强的需求韧性，另一方面，国内自主品牌，新势力厂商的竞争力仍然在持续凸显。尽管资本市场对于汽车行业竞争加剧的担忧，成为大家讨论车市时比较一致的话术，但一些头部企业的涨价信号，一些二线企业选择接近“躺平”的做法，让我们看到车市的竞争出现收敛的态势。我们在操作上，也更加聚焦头部企业及其产业链。一季度，低空经济爆发出很强的行情，这主要是由于该行业的产业政策在超预期地被推出。一方面，低空经济作为改造城市内、城际间的交通模式的一个新产业，有潜力成为很大的行业；另一方面，很多汽车产业链的公司，以其过往在电动化、智能化里的积累，也积极投身到低空经济里，因此这个产业也落入我们的投资目标范畴。但当前这个行业还处在比较早期的阶段，我们也会用早期0到1行业的投资方法，去做该产业的投资。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.302Z","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f6","date":"2023-12-30T16:00:00.000Z","stockId":3000000017721,"sao":"2023年，汽车行业的表现，尽管有波折，但还是好于市场大部分人的预期。上半年，行业出现头部车型大幅降价和尾部企业大打价格战的情况，市场预期一度非常悲观，但最终行业表现出极强的销量韧性，国产头部车企表现出超预期的竞争力。本基金在操作上，上半年投资线索更加收缩，聚焦于头部企业的供应链，以及强势车型周期的整车上。到下半年，我们对市场情况看得更清晰后，适当扩大了投资线索，寻找更多的驱动因素，比如国产头部车企及其供应链，消费电子行业龙头进入汽车行业所带来的投资机会。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.299Z","mo":"我们认为2024年的汽车行业有几大正面驱动因素，这些正面因素会支持行业继续超预期：1）对于内需销量，我们将从过去主要靠新增量的市场，进入到靠存量报废量支撑的市场，报废量中枢快速的从底部抬升，会支撑销量易上难下。2）全球化。中国车企出口的空间，会大于现在静态测算的需求量，因为配价比极高的中国新车，会在海外上演供给创造需求的故事。3）电动化进程会重新加速。随着碳酸锂价格大幅下降，以及越来越多车企从解决充电瓶颈的角度重新设计纯电车，整个纯电车市场都值得被再创一遍。4）智能化元年。随着头部车企的无图版本的城市巡航功能在全国各地下放，智能化会成为消费者购车时非常重要的考量。5）自主品牌市占率还会持续提升。因为在出口、电动化、智能化等各个新赛道上，自主品牌的准备都远充分于合资品牌。汽车行业面临的最主要的负面因素，还是和2023年类似的价格战问题。对于这个问题，市场的共识是今年还会有非常激烈的价格战，但我们认为，发起价格战的根本原因是企业家预期和现实的反差，如果大部分企业家在年初并没有制定非常激进的销量目标，那么其实年内再做大幅的价格战是无从谈起的。当然，我们对这个问题还会保持密切的跟踪，通过加强应对，来创造超额回报。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049456","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f5","date":"2023-09-29T16:00:00.000Z","stockId":3000000017721,"sao":"三季度，汽车行业的销量表现持续超市场预期。但由于市场整体情绪比较低迷，博弈的氛围浓烈，所以行情走势还是比较曲折。相比于今年上半年在价格战笼罩下的悲观预期，现在的市场显然已经看到了汽车行业的超预期在发生，但仍然对其持续性没有太强的信心。我们认为，存在一些中长期的因素在发挥作用，使得汽车行业会持续超预期。这些因素包括，报废量从底部抬升促进车市销量中枢上移，中国车企及产业链集群的全球竞争力还在加强，出口市场对于缓解国内竞争压力的作用。在具体操作上，因为看好整体行情，我们本季度扩大了对汽车行业投资线索的挖掘，将投资机会分散到更多的投资驱动因素之中。除此之外，三季度我们还看到人形机器人产业进展的超预期，以及其和汽车产业链的交叉融合得愈发紧密。我们定义这个产业现在处在“0到1”的状态，且这是一个如果突破“1”，后面的市场空间和长远影响会极大的产业，所以是一个不可忽视的产业趋势。在当下，我们会密切跟踪产业进展，并以“0到1”行业的投资方法去做相关个股的遴选。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.296Z","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986675","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed26a7fea5b3eb052d4f4","date":"2023-06-29T16:00:00.000Z","stockId":3000000017721,"sao":"上半年，汽车行业经历了“价格战”的考验，但从最后的结果来看，汽车行业展现出了极强的销量韧性。从3月中旬爆发“价格战”开始，到4月，5月，市场对汽车行业的情绪陷入低谷，对汽车行业今年的表现陷入极度的悲观之中。因此我们的组合也出现了一波不小的回撤，但从4月开始，我们就持续观察到销量数据的超预期，从5月开始，我们陆续观察到其他向好的信号（比如龙头车企开始提一点价格，比如国六a/b的切换给了过渡期），因此在底部我们坚守并加仓，最终迎来了一波净值回升。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:10.293Z","mo":"对于下半年汽车行业的行情，我们是看好的。原因包括：1）大部分人可能过于关注、并试图去解释短期数据的波动，而忽视了我们可能正处在一个每年报废更新量从底部抬升的大周期里。2）大部分人可能低估了中国汽车产业链的高效性及韧性，过于关注终端销售环节的折扣力度，而忽视了从产业链整体考虑其实能从很多其他地方挖潜。3）大部分人可能低估了出口对于缓解国内自主品牌的竞争压力所体现的显著作用，从而会高估了整体的竞争压力。在投资策略上，上半年我们因为处在看不太清的行业运行状况，以及比较低落的市场情绪中，我们的投资线索会更加集中到头部企业的供应链，以及强势车型周期的整车上。但在下半年，因为我们对行业运行状况更有把握了，我们会适当扩大我们的投资线索，扩大我们挖掘标的的范围。珍惜基金份额持有人的每一分投资和每一份信任，本基金将继续奉行华夏基金管理有限公司“为信任奉献回报”的经营理念，规范运作，审慎投资，勤勉尽责地为基金份额持有人谋求长期、稳定的回报。","fund":{"_id":3000000017721,"__csrcFundId":12250,"stockCode":"017721","shortName":"华夏汽车产业混合A","masterFundShortName":"华夏汽车产业混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17721,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:52.264Z","status":"normal","exchange":"jj","fundCollectionId":4000050030000,"name":"华夏汽车产业混合型证券投资基金","inceptionDate":"2023-02-14T16:00:00.000Z","setUpDate":"2023-02-14T16:00:00.000Z","setUpAssetScale":243499736.45,"setUpShares":243499736.45,"pinyin":"hxqccyhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20893465","stockType":"fund_manager","exchange":"fm","tickerId":1224237210,"name":"连骁"}]},"announcement":{"linkText":"华夏汽车产业混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957943","linkType":"PDF","source":"csrc_pdf"}}]}